GLOBAL POLYETHYLENE TEREPHTHALATE MARKET TO SURPASS US$ 60.73 BILLION BY 2025, BUOYED BY RAMPANT GROWTH IN FOOD AND BEVERAGE INDUSTRY
Polyethylene terephthalate is a remarkable cost and energy efficient packaging material, which finds wide applications in various end use industries, due to its versatility, strength and recyclability and hence is projected to boost an excellent sustainability during 2017-2025. However, growing environment pollution from chemical and petrochemical industry is expected to be one of the key concerns for the PET market. Despite various environment regulations PET is much favorable in comparison to steel, aluminum, glass and other container materials, due to its weight bearing capacity and light weight, which in turn reduces the transportation cost by utilizing less space and weight.
Technology advancement for developing light weight, high strength and energy efficient PET bottles is expected to boost the market growth. For instance in 2014, SIDEL introduced a new ‘NEW RIGHTWEIGHT’, 0.5 liter bottle for still water weighs just 7.95 grams, yet offers a superior consumer experience and a top-load performance of 33 kilograms, without the need for nitrogen dosing, using standard 26/22 closures.
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Polyethylene terephthalate can be recycle and reused in the manufacture of door panels, rain coats, industrial sheets and carpets. The closed loop recycling of used polyethylene terephthalate bottles into new grade PET is expected to subsequently decrease the environment pollution and raw material demand and consequently increases the profit margin of the PET bottle manufacturer.
PET is biologically inert material, which does not react with any food or beverages and offers high resistance to micro-organism. For instance, in December 1992, U.S. Food and Drug Administration announced, the use of recycled PET bottle are safe from any kind of microbial contamination and reaction with the food or beverages.
The global Polyethylene Terephthalate market size is estimated at US$ 26.57 billion (revenue) and 27,749.22 kilo tons (volume) in 2016 and is expected to expand at a CAGR of 9.7% in terms of revenue and 7.6% in terms of volume during 2017 – 2025.
Carbonated soft drink segment is expected to dominate the polyethylene terephthalate market over the forecast period and is expected to expand at a CAGR of over 10.1% in terms of revenue and 8.1% in terms of volume. According to a study conducted by Coherent Market Insights, the carbonated soft drink in the product type segment of global polyethylene terephthalate market is projected to reach over 7.70 billion by the end of the calendar year 2017. PET bottles or packaging material are used as an alternative to silica glass and acrylic material, due to their superior resistance against micro-organism, is in turn is projected to grow the demand for global PET.
Stringent government regulation is expected to be one of the key challenges for global PET market during 2017-2025. For instance,
• On March 18, 2016, Government of India, Ministry of Forest and Environment (MoEF) introduced plastic waste management rule 2016.
• Bureau of Indian Standards, IS 14534: 1998--- has issued standard guidelines on how to recover and recycle plastic waste and what kind of products could be manufactured from recycled plastics
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Asia Pacific, followed by Europe and North America, respectively, accounted for major share in the global polyethylene terephthalate market both in terms of revenue and volume in 2016 and the trend is estimated to remain the same over the forecast period. In 2016, Asia Pacific held a share of 68.4% in terms of volume, followed by Europe (12.5%). The growing demand for carbonated soft drink in Asia Pacific due to growing demand for packaged and ready to eat food coupled with growing population and infrastructure development of retail and hospitality sector is expected to drive growth of the global polyethylene terephthalate market over the forecast period. According to a study conducted by Coherent Market Insights, the other drink application segment market is expected to witness a CAGR of 8.8% from 2017 to 2025 in terms of revenue which in turn is expected to fuel the global polyethylene terephthalate market.
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Multinational players need to tap potential addressable market in the emerging regions with the help of geographical expansion
Product portfolio expansion and geographical expansion are the key market trends which are expected to shape the industry in the near future. Major players in the global Polyethylene Terephthalate market include Alpek S.A.B de C.V., RTP company, BASF SE, The Dow Chemicals Company, Jiangsu Sanfangxiang Group, Indorama Ventures, M&G Chemicals, Nan Ya Plastics Corporation, Far Eastern New Century and Quadrant AG among others.
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